GeeqChain (GEEQCHAIN)

Overview

GeeqChain is Blockchain V3.0 and the most scalable, secure and flexible blockchain platform on the planet.

Project stage

Only a whitepaper

Detailed description

GeeqChain is a scalable, inexpensive, and computationally light approach to building blockchains called the Catastrophic Dissent Mechanism (CDM). The CDM is based on game theory and economic mechanism design and takes a completely new approach to transaction validation: Proof of Honesty (PoH).

GeeqChain is a flexible platform that is built around interoperable federated instances of blockchain tailored to different use cases. Basic protocols and the custom business logic of GeeqChain instances is encoded in a series of Governing Smart Contracts (GSCs), which provide the components of the user and node clients (the software used to run and interact with GeeqChain).

Problem

Outstanding Problems with Existing Blockchains:

SecurityAll the advantages that blockchain offer depend on honest transaction verification and block-writing. Bitcoin and Ethereum use a network of “miners” and a Proof of Work (PoW) protocol to establish the integrity of their ledgers. In the case of Bitcoin, block-writing rewards and transactions fees create incentives for honest behavior. Provided that more than 50% of the miners are moved by these incentives, the chain is difficult to corrupt.4 As a result, the Bitcoin protocol is said to have a Byzantine Fault Tolerance (BFT) of 50%.

In PoW protocols, nodes are generally run by anonymous agents. The principle of one CPU, one vote, applies. Any agent who is willing to bear the computational cost of trying to mine a block can join the validation network anonymously and as an equal. The hope is that the computational cost deters Sybil attacks in which many “fake” identities are created in order to gain majority control of the validation process. If votes must be paid for with work, then it should be too costly to mount such an attack.

High CostVisa and Mastercard charge merchants a fee of about 25¢ plus 2.5% of the value of the transaction to use their networks. These transactions costs are very high, certainly too high to make it practical for a customer to make a micropayment of a few cents to a merchant or content provider. One of the great promises of blockchain-based cryptocurrencies is that they will make financial transactions more efficient. If Bitcoin, Ethereum, or any of the other alt-coins now in existence found a way to allow people to make transactions quickly, cheaply, and securely, it would revolutionize the financial industry.

The Ethereum and Bitcoin platforms have transactions costs that range from tens of cents to tens of dollars. Blockchains that depend on PoW protocols must have very large networks of validating nodes. Users ultimately bear the costs of having thousands of nodes using electricity and wasting CPU cycles to solve the cryptographic puzzles required, to win block rewards and validate transactions. In other words, high transactions costs are baked into PoW based cryptocurrencies.

ScalabilityBoth the Ethereum and Bitcoin blockchains are operating near maximum capacity. The Ethereum blockchain writes blocks about every 12 seconds and currently processes between 4 and 7 transactions per second (with an estimated maximum rate of 15 per second). Bitcoin writes blocks every 10 minutes and processes 2 to 4 transactions per second (with an estimated maximum rate of 7 per second). Neither protocol would be able to scale up to the 2000 transactions per second handled by the Visa network, which has an estimated maximum rate of 56,000 per second.

Bitcoin’s proposed solution to this problem is called the lightning network and is similar to Ethereum’s raiden network. Essentially, users are required to lockup tokens on the main Bitcoin or Ethereum blockchains to serve as security for transactions that agents agree to off of the main-chain. These off-chain transactions are not validated or committed by the mining pool, but there is a degree of security provided by a system of smart contracts. This allows both parties to cancel or alter transactions until they mutually agree that a transaction is final. There are a great many problems with this approach, but we will not go into detail here.12 However, it is worth pointing out that users must pay normal transactions fees to move coins onto the Ethereum or Bitcoin main-chains and lock them into escrow in order to make them available for use on the raiden/lightning networks.

Solution

GeeqChain has the benefit of learning from Ethereum, which in turn, had the benefit of learning from Bitcoin. Just as Ethereum solved many of the limitations embedded in the Bitcoin protocol, GeeqChain solves most of problems remaining in Ethereum. In particular, GeeqChain is secure, cheap, fast, and scalable. It can be implemented with fully anonymous verifying nodes, no centralized points of trust or failure, and any level of encryption and privacy protection desired.

SecurityGeeqChain, using CDM, takes a completely different approach to validation called Proof of Honesty (PoH). Each node validates transactions, builds blocks, and publishes them for users to inspect. These blocks contain enough data for users to independently verify that the chain is “honest” in the sense that it contains only valid transactions and that the chain as whole follows protocol. In other words, nodes, and the chains they construct, are provably honest or dishonest.

CostConsider a GeeqChain processing 40 transactions per second and writing blocks every 10 seconds. This is a higher transactions volume than either Bitcoin or Ethereum are capable of. Further suppose that these transactions are validated on a network consisting of 100 nodes. This is far fewer than the 32,000 or so nodes on the Ethereum network or the 10,000 or so Bitcoin nodes. On the other hand, it is greater than the 25 or so nodes that validate some implementations of the Hyperledger fabric protocol and other PoS consensus systems. Finally, suppose that an average transaction contains 0.5kB of data, roughly in line with Ethereum and Bitcoin transactions.

ScalabilityGeeqChain is designed to support multiple instances of federated chains that form an ecosystem in which users can choose where their tokens are parked. This federated structure gives GeeqChain a flexibility that allows it to be adapted to many use cases, some of which we discuss in the next section. If 40 transactions per second (more than either Bitcoin or Ethereum can handle) is not enough, new federated instances of GeeqChain can be created by dividing the set of nodes and accounts on the original chain in two. These instances would share the job of validating transactions, and tokens would be able to move freely between them. Since any number of instances can be created, GeeqChain can be scaled up to handle arbitrarily large transactions loads.

Additional links

Token details

Token symbol
? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. :GEEQCHAIN

Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : NA

Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Own blockchain ()

Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA

Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token

Total supply ? Total supply — a total amount of tokens that will be released by the developers. :NA

Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No

Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :NA

Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Without whitelist

Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No

Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA

Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :NA

Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No

Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No

Activity

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